DAVY VIEW

BetMGM issued a brief update for FY23 this afternoon. Revenue of $1.96bn is at the upper end of the guidance range and broadly in line with our expectations. The aEBITDA loss is c.$67m, slightly better than our forecasts. Given luck headwinds in November across the market, meeting the upper end of the guidance range is a good outcome. The key question for 2024 and beyond remains whether its refreshed product and increased investment will be sufficient to stem market share losses. We are unlikely to make any meaningful changes to forecasts on the back of this update.